Energy Efficient Lamps and Ballasts Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2031 - By Product, Technology, Grade, Application, End-user, Region:
The global market for energy efficient lamps and ballasts is set to experience significant growth over the forecast period from 2024 to 2031, according to a report by Fairfield Market Research. The market, which was valued at US$ 4.5 billion in 2024, is expected to expand at a CAGR of 12.0%, reaching a staggering US$ 10.2 billion by 2031.
Sustainability Driving Consumer Preference
As sustainability becomes an increasingly vital concern, consumer preference for energy conservation is on the rise. This shift is leading consumers to switch from conventional lighting to energy-saving options. Notably, lighting accounts for approximately 11% of household electricity consumption in the UK, as reported by the Energy Saving Trust. By transitioning to energy-efficient LED lighting, British households can save up to ¡Ì250 annually, with each light bulb providing savings between ¡Ì15 and ¡Ì18.
Government Initiatives Boosting Adoption
Government initiatives worldwide are playing a pivotal role in accelerating the adoption of energy-efficient lighting solutions. Notable among these efforts is the provision of 400,000 energy-efficient LED bulbs to households in Tozeur, Djerba, and Tunis by the National Agency for Energy Management (ANME). These bulbs are expected to reduce electricity consumption by an impressive 40%, underscoring the significant impact of such initiatives on energy conservation.
Factors Driving Market Demand
Introduction of New Technologies and Investments:
Technological advancements, particularly in components like LEDs and CFL bulbs, are poised to bolster market growth. Increased investment in research and development is expected to drive significant revenue growth, with smart lighting solutions anticipated to contribute substantially to market expansion.
Country-Wise Insights:
North America is projected to dominate the global market, with energy-efficient lamp and ballast sales in the region reaching US$ 4.1 billion by 2031. In the United States, LED technology is spearheading a fundamental shift in lighting, with energy savings estimated at 75% compared to incandescent lighting.
Asia Pacific Growth Potential: In the Asia Pacific region, government initiatives aimed at reducing energy consumption and conserving energy are expected to fuel market growth. China is expected to lead the market, reaching US$ 900 million by 2031, driven by investments in energy efficiency and consumer awareness about LED lights.
Category-Wise Insights
LED Lamps Driving Market Dominance:
LED lighting is projected to dominate the market, with revenues expected to grow at a CAGR of 10.1% by 2031. The versatility of LED lighting, offering superior light quality and energy efficiency, positions it as a key driver of market growth.
Commercial Applications Steadily Growing:
Commercial applications are expected to drive steady growth in the market, particularly in sectors such as offices, hospitals, and schools. Energy-efficient lamps offer longer lifespans, lower maintenance costs, and energy-saving features, making them increasingly popular in commercial settings.
Competitive Analysis
Collaborations between energy efficient lamp and ballast manufacturers and technology companies are shaping the competitive landscape. Organizations are expanding their product lines and technological capabilities to capture a greater market share. Research and development play a crucial role in product improvement and innovation, allowing companies to gain a competitive edge.
Key Companies Profiled:
Philips Lighting
Osram
GE Lighting
Acuity Brands
Cooper Lighting
Havells
Panasonic Lighting
Surya Roshni Ltd
Shree Sant Kripa Appliance Pvt.Ltd
Crompton Greaves Consumer Electricals LTD
Energy Efficient Lamps and Ballasts Market Outlook by Category
By Type:
Fluorescent Lamps
CFLs
LED Lamps
HID (High-Intensity Discharge) Lamps
Others
By Applications:
Commercial
Industrial
Residential
By Region:
North America
Europe
Asia Pacific
Middle East and Africa
Latin America
Table of Contents
1. Executive Summary
1.1. Global Energy Efficient Lamps and Ballasts Market Snapshot
1.2. Future Projections
1.3. Key Market Trends
1.4. Regional Snapshot, by Value & Volume, 2023
1.5. Analyst Recommendations
2. Market Overview
2.1. Market Definitions and Segmentations
2.2. Market Dynamics
2.2.1. Drivers
2.2.2. Restraints
2.2.3. Market Opportunities
2.3. Value Chain Analysis
2.4. Porter's Five Forces Analysis
2.5. COVID-19 Impact Analysis
2.5.1. Supply
2.5.2. Demand
2.6. Impact of Ukraine-Russia Conflict
2.7. Economic Overview
2.7.1. World Economic Projections
2.8. PESTLE Analysis
3. Production Output and Trade Statistics, 2018-2023
3.1. Global Demand Response System, Production Output, by Region, 2018 - 2023
3.1.1. North America
3.1.2. Europe
3.1.3. Asia Pacific
3.1.4. Latin America
3.1.5. Middle East & Africa
4. Price Trend Analysis, 2018-2023,
4.1. Key Highlights
4.2. Global Average Price Analysis, by Type, US$ per Unit
4.3. Prominent Factors Affecting Demand Response System Prices
4.4. Global Average Price Analysis, by Region, US$ per Unit
5. Global Energy Efficient Lamps and Ballasts Market Outlook, 2018 - 2031
5.1. Global Energy Efficient Lamps and Ballasts Market Outlook, by Type, Value (US$ Bn) & Volume (Units), 2018 - 2031
5.1.1. Key Highlights
5.1.1.1. Fluorescent Lamps
5.1.1.2. CFLs
5.1.1.3. LED Lamps
5.1.1.4. HID (High-Intensity Discharge) Lamps
5.1.1.5. Others
5.2. Global Energy Efficient Lamps and Ballasts Market Outlook, by Application, Value (US$ Bn) & Volume (Units), 2018 - 2031
5.2.1. Key Highlights
5.2.1.1. Commercial
5.2.1.2. Industrial
5.2.1.3. Residential
5.3. Global Energy Efficient Lamps and Ballasts Market Outlook, by Region, Value (US$ Bn) & Volume (Units), 2018 - 2031
5.3.1. Key Highlights
5.3.1.1. North America
5.3.1.2. Europe
5.3.1.3. Asia Pacific
5.3.1.4. Latin America
5.3.1.5. Middle East & Africa
6. North America Energy Efficient Lamps and Ballasts Market Outlook, 2018 - 2031
6.1. North America Energy Efficient Lamps and Ballasts Market Outlook, by Type, Value (US$ Bn) & Volume (Units), 2018 - 2031
6.1.1. Key Highlights
6.1.1.1. Fluorescent Lamps
6.1.1.2. CFLs
6.1.1.3. LED Lamps
6.1.1.4. HID (High-Intensity Discharge) Lamps
6.1.1.5. Others
6.2. North America Energy Efficient Lamps and Ballasts Market Outlook, by Application, Value (US$ Bn) & Volume (Units), 2018 - 2031